Vail’s Four Seasons hasn’t changed owners
Vail, CO Colorado
VAIL, Colorado ” Rumors that the Four Seasons Resort had changed ownership due to financial troubles was just that ” a rumor, according to the project’s representatives.
The $250-million project was rumored to be in financial troubles after Vail Mayor Pro Tem Andy Daly mentioned at a town council meeting that the project had “changed hands.”
Minnesota-based Black Diamond Resorts-Vail is still the developer and the project has not changed ownership, said Emily McCormack, spokeswoman for the project.
The project has signed three new contracts for the Four Season’s fractional residences in the last two weeks, according to Jeff Meier, senior director of sales and marketing for the project.
“Those buyers had been considering their purchases for over a year and went ahead and signed because of great ski experiences here in Vail,” McCormack said. “We’re seeing an increase in confidence in the Vail market.”
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The resort has not sold any more of it’s 16 whole-ownership condos in recent months. The Four Seasons only had to sell six condos to get its financing, and 10 remain on the market.
The resort will include a 121-room hotel, 19 fractional residences and 16 whole-ownership condominiums. The site is located just southwest of the main Vail roundabout and will include a restaurant, spa, pool, library, apres ski lounge and select retail boutiques.
The project’s financial stability has been called into question before. The project stalled in 2006, when a prospective lender backed out over rising construction costs. The project found a new lender within three months.
In August 2008, developers also denied that the project’s financing was unstable and that the project had stalled.
Stonework and interior work continue on the building, and more than 400 workers are on the site each day. The Four Seasons is slated for completion in late 2009.
Staff Writer Melanie Wong can be reached at 970-748-2928 or firstname.lastname@example.org.